Binance to launch its NFT marketplace in June

Cryptocurrency exchange Binance is joining the NFT train by launching a platform that allows people to display and sell their digital content

Binance, one of the leading cryptocurrency exchanges globally, is launching its non-fungible token (NFT) platform in June. NFTs have gained massive popularity in the arts and digital content world in recent months. Binance is looking to leverage its popularity to become a key player in this marketplace.

In its blog post yesterday, the exchange said, “In June, Binance will launch Binance NFT, the world’s leading NFT marketplace and trading platform. The new marketplace will bring together artists, creators and crypto enthusiasts from around the world.”

Binance told its users to expect a packed lineup of premier exhibitions and NFT collaborations. The exchange will be offering its massive liquidity and low fees to attract users and creators to its platform.

The cryptocurrency exchange stated that the platform would become a leading destination for NFTs and digital collectibles across mediums including visual arts, gaming, music, and sports. “We aim to create the most compelling metaverse with one-of-a-kind offerings and exclusive collaborations, paired with a seamlessly designed and intuitive digital platform to bring together artists, creators and crypto enthusiasts from around the world,” the blog post added.

Binance said the NFT marketplace would share the same account system with Binance.com, allowing its users to enjoy the company’s numerous services.

NFTs have become popular in the arts and digital contents world in recent months. Last month, Christie’s auction house sold a Beeple NFT for nearly $70 million, making it the most expensive NFT to date.

Since then, several artists such as The Weeknd, Eminem and Soulja Boy have all released NFTs. Corporate entities like TIME magazine, Reebok, Adidas and Forbes have dipped their toes into the emerging market.

Christie’s is not the only auction house to auction and sell NFTs. Sotheby’s and Phillips have also auctioned and sold NFT pieces. The adoption of NFTs could soar higher in the coming months as the world redefines the value of art and digital contents.